Friday, December 08
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North Fork Market Remains Strong

By Ruth Thomas

As we head into fall, many realtors agree that the summer of 2016 was their busiest season ever and even the best year yet! Greenport Village and waterfront properties continue to be the most sought after areas as well as the $500K and under price point. With demand high, inventory low, and prices rising, many properties experienced bidding wars, creating a seller’s market. With the activity level now at its peak, a brisk fall sales season is predicted.

Jesse Stein and Gigi Martinez of Brown Harris Stevens say, “The summer was a very active season for sales. The low-end, $500K price-point, as well as high-end waterfront is performing well. Southold and Greenport Village are in high demand. Pricing remains relatively steady, but high demand and low inventory will continue to drive pricing up. We are seeing more new construction. Buyers continue to migrate from up the island as well as the five boroughs, as the North Fork continues to be an attractive second home market.” Jesse and Gigi believe, “Low interest rates coupled with low inventory are going to ensure brisk sales throughout the fall season. Buyers will have to move quickly if they want to secure that perfect property.”

Karla Dennehy of Douglas Elliman Real Estate says, “We had about 11% increase in the number of properties that went into contract over the summer months and are moving into the fall market with a much tighter inventory than last year. The average sale price was approximately 6% lower than at the same time last year reflecting the large demand for properties under $500K. Properties from $500K-$700K were also a substantial part of the summer market. Greenport remains very strong with limited inventory. Waterfront homes and homes that are located near the beach or have a country view are also in demand. We continue to attract buyers from Manhattan and Brooklyn.” Karla predicts, “We will continue to have a robust market.”

Judi Desiderio of Town & Country Real Estate says, “2016 proved to be the best year yet for Town & Country’s North Fork offices! The activity level now in the fall is at its peak – we have tons of buyers waiting for new listings to purchase. At Town & Country, we are seeing deals in every price range. Waterfront and farm views are hot. Prices in our North Fork hamlets are on the rise, while inventory is very low. There is more demand for new construction than there is product. There are more buyers from New York City than ever before!” Judi reflects, “We are currently at the height of our selling season.”

Sheri Winter Clarry of The Corcoran Group says, “Sales this summer haven’t stopped! It’s been a very active selling season and the fall is turning out to be quite busy as well. Every segment of the market is busy. Prices have adjusted and are holding steady. Properties that have been reduced are also going! Inventory is moving, especially from the summer market, so inventory is a little tight right now. New construction is coming back, watch for new projects!” Sheri observes, “It certainly hasn’t slowed down, which is typical during an election period. The fall is so beautiful out here and our season isn’t just summer months, the fall and winter have become a busy part of the selling season as well.”

Thomas J. McCarthy of Thomas J. McCarthy Real Estate, Inc. says, “This summer was our busiest season ever! We are seeing buyers recognizing the value of off the water opportunities over $1M. North Fork prices are solid and increasing. Inventory is at historic lows which makes properly priced homes sell quickly. Builders are returning to the market in earnest. Buyers are from across the spectrum from western Suffolk, Nassau, Manhattan, and especially Brooklyn. The entire North Fork is a bargain compared to the Hamptons and we have just conducted a huge Inventory Reduction Sale!” Thomas states, “Smart sellers that were thinking about making a move are coming to the market and being rewarded.”

Kristen Rishe of North Fork Real Estate Inc. says, “We saw a lot of new and old clients looking for homes this summer. $500K and under is the hottest price point. Prices are extremely steady and are gradually inching up, but so far no sign of an out of control explosion. Inventory on the North Fork is down and new construction is still struggling. We are seeing more buyers coming from the city and Brooklyn than ever before and we still have a large draw from western Nassau.” Kristen notes, “The North Fork is in great shape. Buyers continue to fall in love with the North Fork, and with the continued low interest rates, we are extremely excited.”

Carol Szynaka of Daniel Gale Sotheby’s International Realty says, “The 2016 season was very active, especially the $500K-$700K segment. The high end, properties listed over $2M, was flat up until the end of July, when we experienced many bidding wars on sought after waterfront properties. Greenport, especially the Village, continues to be a hot area. Prices have risen and based on demand they will continue to do so until the Feds start to increase rates. Inventory levels are low, so it’s a great time to be a seller. New York City, Brooklyn, and Long Island continue to be the bulk of our buyers.” Carol anticipates, “The Fall 2016 selling season is going to round out a terrific year.”

Jerry Cibulski of Century 21 Albertson Realty says, “After the frenzy of the spring market we saw an active and balanced summer sales season. Most of the beach communities or waterfront neighborhoods are in demand. New move-in ready and well-maintained homes with modern updates are seeing an increase in sales prices. Many homes are getting multiple offers, as inventory is tight this year, which has created a seller’s market. New construction has not caught up to buyer demand. Buyers are coming from Brooklyn, Queens, and New York City as well as internationally.” Jerry remarks, “The fall season has begun with a bang. I feel very confident in the strength and recovery of the housing market on the North Fork.”

The entire North Fork has been the benefit of a strong summer market. As the fall harvest approaches with its celebratory festivities at the vineyards and apple and pumpkin picking at the farms, folks will continue to discover this beautiful area. The North Fork is expected to have a robust selling season this fall.